empty
 
 
07.11.2014 10:19 AM
Technical analysis of Gold for November 07, 2014

This image is no longer relevant

Technical outlook and chart setups:

Gold has made fresh lows at $1,130.00 level before pulling back into $1,142.00/43.00 levels again. The metal is not completely out of the bearish momentum, but a push above $1,150.00/55.00 levels would be at least a breather for bulls to produce a counter-trend rally. Please also note that $1,150.00 level is the 0.618 Fibonacci support of the entire rally between $680.00 to $1,900.00 respectively. Yesterday there was an indecisive candle on daily chart and a Hammer is being produced today. These are indications that there might be a counter-trend rally as a short-term relief for the yellow metal. On the flip side, a push through $1,250.00 levels could confirm a reversal.

Trading recommendations:

Remain flat for now. Aggressive trade setup could be to initiate long positions, stop at $1,125.50, target is open.

Good luck!

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback